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The Influence of Investor Protection and Legal Origin on Equity Market Size
Jönköping University, Jönköping International Business School, JIBS, Economics.
Jönköping University, Jönköping International Business School, JIBS, Economics.
2007 (English)Independent thesis Basic level (degree of Bachelor), 10 points / 15 hpStudent thesisAlternative title
Investeringsskydd och Legalt Ursprungs Inverkan på Aktiemarknaders Storlek (Swedish)
Abstract [en]

This thesis examines the influence of investor protection and legal origin on equity market size. Previous studies have shown a relationship between legal origin and equity markets as well as quality of law. We examine whether there are any relationship between stock market capitalization as a percentage of GDP, private property rights, anti director rights and legal origin.

We use data from 49 countries in our sample that is collected from the World Bank, Heri-tage foundation and La Porta et al. (1998). Our study is based upon a cross-sectional re-gressions and a variance analyzes.

Our results show that property rights as well as anti director rights have a positive relation-ship to stock market capitalization as a percentage of GDP. We could not find any signifi-cant results in our regressions that stock market capitalization as a percentage of GDP can be explained by legal origin.

We consider previous conducted studies regarding legal origin to have exaggerated legal origins’ impact on equity markets. Equity markets are more related to the level of develop-ment in countries, no matter legal origin.

Place, publisher, year, edition, pages
2007. , 37 p.
Keyword [en]
Legal Origin, Law and Finance, Stock market capitalization, Equity Markets
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-985OAI: oai:DiVA.org:hj-985DiVA: diva2:4744
Uppsok
samhälle/juridik
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Available from: 2007-10-04 Created: 2007-10-04

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf